USDJPY & EURJPY Charts.. also with a review & Buy/Sell Suggestions on EURUSD, USDCAD, NZDUSD, AUDUSD .

 

Technical Analyst Jason Sen

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The FOMC rate hike did nothing to establish a new trend. We gave up this week’s gains & as you can see in the dollar index chart, we remain in a wide 3 month sideways trend – and a narrow 3 week trend.
AUDUSD bottomed exactly at minor support at 7670/65 & shot higher to our selling opportunity at 7780/90.
NZDUSD hit our buying opportunity at 7195/85, with stops below 7155 (Unfortunately I raised the stop by 10 pips yesterday in an attempt to be disciplined & this was totally the wrong move)….we bottomed at 7151 before the FOMC…so this was very difficult indeed. If you managed to hold on, we shot higher to our second target of 7245.
USDJPY very much sideways for 5 weeks as we fail to beat the 1 month upper channel trend line at 106.90/107.00.
EURJPY also very much sideways & establishing a triangle to reinforce this message. First week of March we were lower, next week recovered all losses & third week gave back most of the gains. This week another recovery by Tuesday & then we gave up gains yesterday.
EURUSD up and down all week but not actually going anywhere as we hold a tight range. We have not managed a weekly range of over 200 pips for a month.
USDCAD topped 6 pips from key resistance at 1.3130/40 & initially bottomed exactly at strong support at 1.3005/1.2995. The bounce topped exactly at 1.3050/45 & we have collapsed below our buying opportunity at 1.2925/15.
GBPUSD tested good support at 1.4010/1.3995 & held 1.3980 to keep us long for the bounce to 1.4084/87 & the 5 week high at 1.4144. A profit of 130 pips now being offered.
GBPJPY bottomed exactly at good support at 148.55/45 on Tuesday & shot higher yesterday to all targets of 149.05/15, 149.67/78 & 150.00/05.
Gold held rising 100 day moving average & 15 month trend line support now at 1306/05…but unfortunately we never got a chance to buy there. WE ARE STILL IN A 2 MONTH SIDEWAYS TREND.
Silver bottomed 5 ticks above 8 month trend line support at 1605/00. Key to direction is very strong resistance at 1675/80. Shorts need stops above the March high of 1686. A break higher is a big buy signal.
WTI Crude buy signal on the break above 6305 certainly worked. We wrote: A good chance we will continue higher eventually to 6440/50, 6490 & perhaps as far as the February high at 6550/57.
All targets hit as we reach 6574.
Emini S&P trades sideways for a month. Shorts at strong resistance at 2739/41 did work as we sold off to 2723/24 & bottomed exactly at 2714/12 for the second day.
Bitcoin holds resistance at 9000/9100 & I think we go significant lower now.
Thursday Buy/sell STOP TARGET 1 TARGET 2 Comment
EURUSD buy 1.2175/65 stop 1.2135
Reverse in to a short if stopped
EURUSD sell 1.2390/1.2400 stop 1.2425 1.2375, 1.2340 Reverse in to a long if stopped
USDCAD sell 1.2990/99 stop 1.3030
USDJPY sell 106.75/85 107.15 106.40, 106.10 105.95 Reverse in to a long if stopped
USDJPY buy 105.00/104.90 104.65
Reverse in to a short if stopped
NZDUSD buy 7190/80 stop 7150 7220, 7245 7265
Reverse in to a short if stopped
NZDUSD sell 7255/65 7295 7230, 7210 7190
AUDUSD buy 7640/30 stop 7580 7655, 7695 7710
Reverse in to a short if stopped
AUDUSD sell 7780/90 7825 7750, 7720 7680
 

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JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.